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. >> members of his own party seem quite comfortable of sending the economy over the fiscal cliff. >> reporter: the president sent timothy geithner to the hill with had $4 trillion plan. it includes 1.6 trillion in new taxes on upper income americans. 400 billion in cuts to medicare and other entitlement programs. and $50 billion in new spending on infrastructure and unemployment benefits. the biggest stumbling block remain. the new taxes on the wealthiest americans. while some republicans here in congress are hinting they might be open to the idea the majority seemed opposed. >> raising rates on the so-called rich is the holy grail of liberalism. their aim isn't job creation, they are interested in wealth distribution. >> reporter: the white house insists the president won't sign any bill that doesn't include higher taxes for top earners. >> this shouldn't be news to anyone on capitol hill. >> reporter: the white house called the proposal an opening bid, republicans called it a joke. now republicans have not yet put any comparable plan on the table. they seem willing to accept half t
. >> members of his own party seem quite comfortable of sending the economy over the fiscal cliff. >> reporter: the president sent timothy geithner to the hill with had $4 trillion plan. it includes 1.6 trillion in new taxes on upper income americans. 400 billion in cuts to medicare and other entitlement programs. and $50 billion in new spending on infrastructure and unemployment benefits. the biggest stumbling block remain. the new taxes on the wealthiest americans. while some...
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up next, tax hikes, overspending, uncertainty, fiscal cliff threatening the economy, but maybe not? we take it all up with moody's chief economist, and deutsche bank senior economist here next. stay with us. lou: you know, it may surprise some that december is historically the strongest month for investors. the s&p500 posting gains in december, 82% of the time since 1990. it's that 18% that should trouble folks, but are concerns with the fiscal cliff giving investors a reason to be less than optimistic? joining me is john, and carl, senior economist for deutsche bank. gentlemen, thank you for being here. start with the treasury secretary. the man in charge of our treasury is out telling everyone that the administration he works for is a part of is perfectly prepared to go over the fiscal cliff in order to raise a tax rate to 39.6%. does that make any sense to you? are you shocked, surprised? >> well, i guess i'm not surprised given we're in the early stages of the discussion, but for the economists and forecasters out there calling this is the fiscal slope, not a cliff or believe it
up next, tax hikes, overspending, uncertainty, fiscal cliff threatening the economy, but maybe not? we take it all up with moody's chief economist, and deutsche bank senior economist here next. stay with us. lou: you know, it may surprise some that december is historically the strongest month for investors. the s&p500 posting gains in december, 82% of the time since 1990. it's that 18% that should trouble folks, but are concerns with the fiscal cliff giving investors a reason to be less...
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of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by your dollar for dollar -- the increase in the debt limit for cuts? >> are i continue to believe that any increase in the debt limit has to be accompanied by spending reductions that meet or exceed it. >> thank you, mr. speaker. >> speaker boehner speaking to the press outside of the offices on capitol hill. not really yielding any information, though. the intransigence it seems on both sides continues. but it definitely continues to sound like a campaign on both sides, as well. just a couple highlights for you. the speaker saying the democrats can't seem to come to any kind of decision o
of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag attached to them. and if we're going to talk about the debt limit in this, then we're -- there's going to be some price tag associated with it. >> last question. >> are you standing by...
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wall street got a boost from the fiscal cliff talks. dow added 106 points after being down triple digits earlier in the day. nasdaq gained 23 points. the u.s. economy is growing at a steady pace according to the latest report from the federal reserve. the so-called beige book survey shows a pickup in consumer spending and home sales in october and early november. economic growth improved in nine of the 12 federal reserve districts but superstorm sandy hampered growth in the northeast. could the dollar bill be going the way of the doo-doo. a congressional panel is once again calling for the u.s. to stop printing singles and switch entirely to dollar coins. the nonpartisan panel believes it could save taxpayers money. it's more expensive to produce coins but they last about six times longer than paper bills. and you'll need some extra coins to buy starbucks latest. the coffee king is selling a new brew that will set you back $7 for a grande cup. it's made from a rare been grown in costa rica. if you want to brew a cup at home, a bag of th
wall street got a boost from the fiscal cliff talks. dow added 106 points after being down triple digits earlier in the day. nasdaq gained 23 points. the u.s. economy is growing at a steady pace according to the latest report from the federal reserve. the so-called beige book survey shows a pickup in consumer spending and home sales in october and early november. economic growth improved in nine of the 12 federal reserve districts but superstorm sandy hampered growth in the northeast. could the...
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up next, tax hikes, overspending, uncertainty, fiscal cliff threatening the economy, but maybe not? we take it all up with moody's iefonomist, and deuche bank senior economist here next. stay with us. with the spark cash card from capital one, olaf gets great rewas for his small business! pizza! [ garth ] olaf's small busins earns 2% cash back on every purchase, ery day! helium delivery. put it on my spark rd! [ pop! ] [ garth ] why settleor less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? we don't let frequent heartburn come between us and what we love. so if you're onef them people who gets heartburn and then treats day afr day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] e pill eachmorning. 24 hours. zero heartbur lou: you know, it may surprise some that december is historically the strongest month for investors. the s&00 posting gains in december,
up next, tax hikes, overspending, uncertainty, fiscal cliff threatening the economy, but maybe not? we take it all up with moody's iefonomist, and deuche bank senior economist here next. stay with us. with the spark cash card from capital one, olaf gets great rewas for his small business! pizza! [ garth ] olaf's small busins earns 2% cash back on every purchase, ery day! helium delivery. put it on my spark rd! [ pop! ] [ garth ] why settleor less? great businesses deserve great rewards!...
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when it comes to the fiscal cliff threatening our economy and jobs the white house has wasted another week. >>reporter: he calls officials saying they are ready to go over the trip. >>shepard: democrats insist that revenue, revenue, revenue is the key. >>guest: president obama campaigned on it and obviously won and democrats insist upper income americans should pay higher taxes but there could be room to negotiate but their point is they don't want to talk about other aspects of a deal until the g.o.p. gives in on their demand for more tax money. >> what is lacking are the revenues. we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notif
when it comes to the fiscal cliff threatening our economy and jobs the white house has wasted another week. >>reporter: he calls officials saying they are ready to go over the trip. >>shepard: democrats insist that revenue, revenue, revenue is the key. >>guest: president obama campaigned on it and obviously won and democrats insist upper income americans should pay higher taxes but there could be room to negotiate but their point is they don't want to talk about other aspects...
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>> well, to some degree, remember, what is the fiscal cliff? it will hurt the economy allegedly. i don't buy it but that is what everyone -- >> bret: it will hurt the pentagon, correct? >> right. and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get the longer range spending cuts. the president can say fine, i want to negotiate those next year. can't do it in three weeks. incidentally, speaker boehner what medicare cuts are you for, he will say? if the republican position, the republicans campaigned against $716 million in medicare cuts from the current program. republicans for medicare reform. not for squeezing the current program. they will say i want to give the middle class, make sure the middle class tax rate stay where they are. i don't want the republicans to squeeze medicare more than we did, have done in the past. i'm worried. that the president
>> well, to some degree, remember, what is the fiscal cliff? it will hurt the economy allegedly. i don't buy it but that is what everyone -- >> bret: it will hurt the pentagon, correct? >> right. and the domestic spending cuts. fiscal cliff is not cutting spending. it's about preventing a tax increase that preventing spending cuts. now the republican arguement is more complicated. to use the deadline, legitimate argument. i agree with it in principle. use the deadline to get...
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. >> going over the fiscal cliff will hurt our economy and will hurt job creation in our country. >>er -- every family in america will see their taxes automatically go up at the beginning of next year. >> shepard: so how to avoid that. >> the president and congress will either fail together or we will succeed together. >> there has to be a deal. there has to be an agreement. >> and if they can't come up with a compromise, we are all going to pay the price. plus, they are some of the biggest names in baseball. bonds, clemens, sosa. all three tainted by accusations they used performance enhancing drugs. but should that keep them from cooper's town? tonight, the great debate over baseball's hall of fame ballot but first from fox this wednesday night, the president hopes who have the framework of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make his case. >> i have got a
. >> going over the fiscal cliff will hurt our economy and will hurt job creation in our country. >>er -- every family in america will see their taxes automatically go up at the beginning of next year. >> shepard: so how to avoid that. >> the president and congress will either fail together or we will succeed together. >> there has to be a deal. there has to be an agreement. >> and if they can't come up with a compromise, we are all going to pay the price....
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that's next in my >> eliot: is anyone else sick of talking about the fiscal cliff? a year ago facing a stagnant economy and long term deficit everybody in washington agreed they should come together to make the tough decisions that had to be made. something that would provide short-term stimulus but long-term debt relief. after all we all knew something had to be done. the health of our nation depended on it. washington surprise, surprise, decided to delay for the umpteenth time kicking the proverbial can down the road. then the campaign really heated up and we were told we would have our sweet relief after the election. finally the story went voters would provide clarity, a choice played out across the country that would deliver the elusive answers. what are we getting? endless posturing game playing and the same rhetoric over and over again. both sides standing up and preening themselves campaign style as if they expect the public to pay attention and give deference to the repetition of the same ideas. i for one are tired of it. americans have been poked and prodd
that's next in my >> eliot: is anyone else sick of talking about the fiscal cliff? a year ago facing a stagnant economy and long term deficit everybody in washington agreed they should come together to make the tough decisions that had to be made. something that would provide short-term stimulus but long-term debt relief. after all we all knew something had to be done. the health of our nation depended on it. washington surprise, surprise, decided to delay for the umpteenth time kicking...
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the fiscal cliff deal is done, uncertainties are removed from the economy and we get 4% or 5% growth rates. maybe the fed's hand would be forced if you had a precipitous drop in the unemployment rate down to 5 1/2% or 6.5% but they're about to do something extraordinary here, right? next week they're going to announce this new thing and they're going to get rid of operation twist and they're going to replace it probably with outright purchases. and it could be that they're buying $85 billion a month in long-term securities. >> okay. where are they getting the money to buy that? >> they're making it. >> they're just printing it. >> not even printing it. you wouldn't have to print it today, it's an electronic thing. they're typing it essentially. >> will the resolution of the fiscal cliff and even some progress on our long-term problems, knowing that at best we're just putting off austerity, sooner or later it's coming, right? higher taxes and lower government spending, right? you combine that with reinhardt, rogoff and the idea we're in a 2% world all of a sudden, would doing the fisc
the fiscal cliff deal is done, uncertainties are removed from the economy and we get 4% or 5% growth rates. maybe the fed's hand would be forced if you had a precipitous drop in the unemployment rate down to 5 1/2% or 6.5% but they're about to do something extraordinary here, right? next week they're going to announce this new thing and they're going to get rid of operation twist and they're going to replace it probably with outright purchases. and it could be that they're buying $85 billion a...
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going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's debt crisis and get our economy going again and to create jobs. right now all eyes are on the white house. the country does not need a victory lap. it needs leadership. it is time for the president, congressional democrats to tell the american people what spending cuts they're willing to make. with that, i will take a few questions. [indiscernbile] it has been very clear over the last year and a half. i have talked to the president about many of them. you can look at our budgets where we outlined specific proposals that we passed last year and the year before. we know wh
going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's...
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. >>> americans are trying to avoid a winter of discontent by steering clear of the fiscal cliff. they are getting a boost from numbers that show they had a busy number. >> lots of numbers for you this morning. let's start with u.s. gdp. it's been revised upwards. commerce department officials say the economy for the july to september quarter dp eer grew a annualized 2.7%. exports were revised to mark an increase of 1.1%. earlier predictions headed for fall of 1.6%. housing investment was revised slightly down toward to 14.2% but maintain strong growth. >>> consu consumer spending was revised down 0.6 points to a growth rate of 1.4%. overall gdp mark significant growth but uncertainty remains. consumption is growing. there is the fiscal cliff to consider. >>> now let's turn to japan. the jobless rate in october remained flat compared to the previous month. the internal affairs ministry said unemployment stayed at 4 4.2%. officials at the labor ministry say the ratio of job vacancies to seekers declined. it says 80 positions were open for every 100 job seekers. the industrial outpu
. >>> americans are trying to avoid a winter of discontent by steering clear of the fiscal cliff. they are getting a boost from numbers that show they had a busy number. >> lots of numbers for you this morning. let's start with u.s. gdp. it's been revised upwards. commerce department officials say the economy for the july to september quarter dp eer grew a annualized 2.7%. exports were revised to mark an increase of 1.1%. earlier predictions headed for fall of 1.6%. housing...
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>> no one wants to go over the fiscal cliff. worse would be for the president to sign a bad bill. >> all right. alan krueger, chairman of the president's counscil on economi advisers. mr. krueger, nice to see you that month. i'll see you next month, i promise. >> thank you, chuck. >>> trivia time, jim demint's decision to step down 0 means south carolina will have two seats on the ballot in 2014. who was elected the last time both of south carolina's senate seats were on the ballot in the same election? strom thurmond, of course, and the longest serving junior senator perhaps in the history of america, fritz hollings. senator thurmond won re-election and hollings, the form earp governor at the time, won a special to fill a seat left empty when johnston died. we'll be right back. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's no
>> no one wants to go over the fiscal cliff. worse would be for the president to sign a bad bill. >> all right. alan krueger, chairman of the president's counscil on economi advisers. mr. krueger, nice to see you that month. i'll see you next month, i promise. >> thank you, chuck. >>> trivia time, jim demint's decision to step down 0 means south carolina will have two seats on the ballot in 2014. who was elected the last time both of south carolina's senate seats were...
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. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term deficit and the president's been very clear that that means asking higher income earn eaers to pay who are. more. so the real question is whether republicans will agree with tom cole who the other day said we should agree with the president. so let's get that done. let's not hold the middle class hostage to getting a bonus tax break for folks at the top. so it was great to hear tom come forward on that. obviously he's taken some heat within his caucus, but that would obviously avoid the fiscal cliff. >> congressman chriss van hollen, thanks so much. appreciate it. >>> so he mentioned tom cole. let me play what he had to say. >> the president is willing to accept 80% of the bush tax cuts for 9d 8% of the american peopl and make them permanent, we should do that and continue to fight for the things we believe in. >> so
. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term deficit and the president's been very clear that that means asking higher income earn eaers to pay who are. more. so the real question is whether republicans will agree with tom cole who the other day...
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middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our countries debt crisis and get our economy going again and create jobs. right now, all eyes are on the white house. our country does not need a victory lap, it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they are really going to make. with that, i will take a few questions. [inaudible question] >> we have outlined very specific proposals that we passed in last year's budget and the budget before. we know what the venue is. what we do not know is what the white house is willing to do to get serious about solving our debt crisis. [inaudible question] >> i am not going to get into the details. it is very clear what kind of spending cuts need to occur. we have no idea what the white house is willing to do. [inaudible question] >> no, no, no. stop. i have to tell you, i am disappointed in where we are. i am disappointed in what has
middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our countries debt crisis and get our economy going again and create jobs. right now, all eyes are on the white house. our country does not need a victory lap, it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they are really going to make. with that, i will take a few questions. [inaudible question]...
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i think if we do go off the cliff and recession, i think the fiscal cliff is completely unpredic unpredict-- predictable, especially with a fragile economy, the wall street and the corporate economists are deeply scared about it. that recession really would, you know, wreck his term because we would be obsessed with that for the next couple of years. and so i don't think it's a total walk for him but he clearly has the upper hand. and then there is just the sheer fact of the numbers. say they reach a compromise. i think the republicans are likely to cave on the rate and you close a few deductions. >> do you think they will. >> i do. >> because they are saying they are not going to cave. >> there is going to be no deal on that. they are to the going to go into january, as mark said, and say to the country, hey, we're going to raise your taxes but we have to serve the rich people. they're just not going to do that with the polls, so they're going to cave. they will not get up to 39% but they could get to 37. so say you get to 1.2 trillion in revenue. you still need spending cuts so the presi
i think if we do go off the cliff and recession, i think the fiscal cliff is completely unpredic unpredict-- predictable, especially with a fragile economy, the wall street and the corporate economists are deeply scared about it. that recession really would, you know, wreck his term because we would be obsessed with that for the next couple of years. and so i don't think it's a total walk for him but he clearly has the upper hand. and then there is just the sheer fact of the numbers. say they...
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when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week -- another week. >> reporter: there are reports this morning that fiscal cliff negotiations are really between president obama and speaker boehner right now. the speaker said he spoke on the phone with the president yesterday and it was a pleasant conversation. but more of the same. reporting live from washington, d.c., alison burns, ktvu channel 2 news. >>> 8:15. bay area sheriffs may be changing how they deal with suspected illegal immigrants. state attorney general kamala harris recently told the sheriffs they don't have to hold illegal immigrants want to deport them. she said those with serious criminal record -- records should be detained and deported and local departments have to decide how to handle others. >>> police made several arrests at the building where hundreds chose to report >>> the so of netflix may be in trouble for something he put on facebook. back in july, he wrote on his page that netflix employees are enjoying a billion hours of movies a
when it comes to the fiscal cliff that's threatening our economy and threatening jobs, the white house has wasted another week -- another week. >> reporter: there are reports this morning that fiscal cliff negotiations are really between president obama and speaker boehner right now. the speaker said he spoke on the phone with the president yesterday and it was a pleasant conversation. but more of the same. reporting live from washington, d.c., alison burns, ktvu channel 2 news....
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. >> greta: we're about to go head first over the fiscal cliff and democrats and republicans are still miles apart. we spoke with gop senator john cornyn about president obama's plans too tax hikes. talking about increasing taxes, letting the tax rate go up on people making over $250,000 a year. as i understand it, that's about $85 billion a year, funding the government for eight days. $85 billion is a lot of money, but if you look at government waste, even senator tom coburn has identified $20 billion in waste. has anybody thought about getting the revenue from waste, seeing just how much we really need? >> the problem has usually been if you rdise taxes, the spending cuts will come later, and they never seem to manifest. >> greta: but not even spending cuts. actually waste. >> well, yeah, waste and fraud and abuse are the famous three horsemen of cuts. but the fact is that many times they're harder to get to it would afternoon. i think tom coburn has done a great service by identifying a lot of duplication and waste in the government, including in the pentagon. i'm a defense hawk, bu
. >> greta: we're about to go head first over the fiscal cliff and democrats and republicans are still miles apart. we spoke with gop senator john cornyn about president obama's plans too tax hikes. talking about increasing taxes, letting the tax rate go up on people making over $250,000 a year. as i understand it, that's about $85 billion a year, funding the government for eight days. $85 billion is a lot of money, but if you look at government waste, even senator tom coburn has...
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it's good for everybody, the economy, fiscal cliff and it would set a tone here in washington that we can get something done when we work together cooperatively. so we've been explicit, specific. we look forward to specificity from republicans. >> there are now countdown clocks -- [inaudible] those of us who have been lucky enough to study the legislative body we have an idea of how things go. there's more and more lawmakers who look at it and say it's december 15th. if you have an agreement and have the time necessary for it to be read, digest it, debated before christmas. the president shares that timeline. it's not december 1st. it's something of a practical matter much earlier than that. is that is that in any way create a sense of urgency? >> the sooner the better that we receive specificity from republicans about what it is they would do on revenues, for example, what it is they want on spending cuts, for example. we will be able to move forward and we look forward to doing that. in terms of the congressional club, i too enjoyed congress when i had the opportunity and many which
it's good for everybody, the economy, fiscal cliff and it would set a tone here in washington that we can get something done when we work together cooperatively. so we've been explicit, specific. we look forward to specificity from republicans. >> there are now countdown clocks -- [inaudible] those of us who have been lucky enough to study the legislative body we have an idea of how things go. there's more and more lawmakers who look at it and say it's december 15th. if you have an...
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the fiscal cliff of american politics and just what it bodes for all of us that's up next well our lester. download the official ati application to cell phone choose your language stream quality and enjoy your favorites from alzheimer's t.v. is not required to watch all its hear all you need is your mobile device to watch ati any time of the. wealthy british style signs. on. the. market why not come to. find out what's really happening to the global economy with max cons or for a no holds barred look at the global financial headlines tune into cars a report. if. soon which brightened a few nibbles from finest impressions. screens totty dot com. will fall into the true science technology innovation all the news developments from around russia we've got the future covered. it all. skewed. good afternoon welcome to capital account i'm lauren lyster here in washington d.c. these are your headlines for tuesday december fourth two thousand and twelve the g.o.p. has made a counteroffer to the white house on the fiscal cliff and the endless conversation continues today with president obama giving
the fiscal cliff of american politics and just what it bodes for all of us that's up next well our lester. download the official ati application to cell phone choose your language stream quality and enjoy your favorites from alzheimer's t.v. is not required to watch all its hear all you need is your mobile device to watch ati any time of the. wealthy british style signs. on. the. market why not come to. find out what's really happening to the global economy with max cons or for a no holds...
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going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's debt crisis and get our economy going again and to create jobs. right now all eyes are on the white house. the country does not need a victory lap. it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they're willing to make. with that, i will take a few questions. [indiscernible] >> it has been very clear over the last year and a half. i have talked to the president about many of them. you can look at our budgets where we outlined specific proposals that we passed last year and the year before. we k
going off the fiscal cliff will hurt our economy. it will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes, to replace the sequester, and pave the way for tax reform and entitlement reform. we are the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's...
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Dec 5, 2012
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he was going to talk a little bit about the fiscal cliff and that's something we've all been talking about recently, and what it means for us right now and the year ahead. we also have other business news. we'll get back to the president by the way if and when we get that feedback. he will be taking questions from the audience there of business leaders as gregg mentioned. elizabeth mcdonald ever the fox business network is standing by list toning some of what the president had to say about the economy. liz, can you place it in context about where our economy is right now. >> reporter: the president just now was placing it in the -- the economy in the broader context of what is going on in the world, mentioning asia, mentioning europe, and then he turned to what was the most important part of the speech, he started to speak and that is what is holding us back ironically is stuff that is going on in this town, and he also, the president also said, no one wants to get a deal done more than me. so he's trying to essentially give some encouragement to get the fiscal cliff deal talks ignit
he was going to talk a little bit about the fiscal cliff and that's something we've all been talking about recently, and what it means for us right now and the year ahead. we also have other business news. we'll get back to the president by the way if and when we get that feedback. he will be taking questions from the audience there of business leaders as gregg mentioned. elizabeth mcdonald ever the fox business network is standing by list toning some of what the president had to say about the...
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Dec 3, 2012
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cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was flabbergasted. i looked at him, i said, "you can't be serious." i've just never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. right now i would say we're nowhere, period. we're nowhere. we've put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they've actually asked for more revenue than they've been asking for the whole entire
cliff? >> if republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a time when the economy was doing exceptionally well, then there will not be an agreement. >> let's go to the other side. republican house speaker john boehner also digging in, admitting that talks are going nowhere. speaker boehner also describing the moment when geithner first showed him the president's opening offer. >> i was flabbergasted. i looked at...
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Nov 30, 2012
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you're a shopkeeper in the middle of the country, we go off the fiscal cliff, what does it mean for you? >> we know the economy needs to grow at 3%, probably closer to 4% or better in order to create new jobs, to make up for the increase in population. right now our unemployment rate has been unacceptablebly hi-fi longtime, around 7.9%. unless the economy is growing, you're not creating the jobs necessary to bring the unemployment down. if we go off the cliff, the economy will quit growing as fast, as a matter of fact going into negative growth or recession. a lot of people will be put out of work and no new jobs being created because of the uncertainty of the eoonomy. >> greta: why do you think the president would want us to go off the fiscal cliff? why do we have the brinkmanship? >> he sees this as ultimate leverage. i think he also thinks he got a mandate from the election, which he's mistaken about. we got exactly the same after the election as we had before, which is decided government, which to means the american public trust neither political party to have all the answers. last
you're a shopkeeper in the middle of the country, we go off the fiscal cliff, what does it mean for you? >> we know the economy needs to grow at 3%, probably closer to 4% or better in order to create new jobs, to make up for the increase in population. right now our unemployment rate has been unacceptablebly hi-fi longtime, around 7.9%. unless the economy is growing, you're not creating the jobs necessary to bring the unemployment down. if we go off the cliff, the economy will quit...
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Dec 4, 2012
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cliff. >> eliot: you're saying something hugely important. alan greenspan did try to create the impression that the market and the economy was one and the same. that was a huge mistake the financialization of our economy. that's what led to the cataclysm in 2008. perhaps more important, the point you made, you're right there are a lot of people who are trying to create the fear, the cassandras that i referred to the top of the show who are behind that argument who say now you must do what we want. they want corporate tax cut. am i right? they're sliding something in there that is not directly related to the issue that we're supposed to be directing. >> everyone is doing that. doing the negotiation with the union or any other negotiation you start off with what speaker boehner is calling your la la land proposal. you start off with what you want, and then you work from there. both sides have staked out their dream position, and that's not where we're going to wind up, but that's where you starter and it's kabuki theater, as you said. >> eliot:
cliff. >> eliot: you're saying something hugely important. alan greenspan did try to create the impression that the market and the economy was one and the same. that was a huge mistake the financialization of our economy. that's what led to the cataclysm in 2008. perhaps more important, the point you made, you're right there are a lot of people who are trying to create the fear, the cassandras that i referred to the top of the show who are behind that argument who say now you must do what...
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. >> i am not a fan, by the way, never have been, i thought the fiscal cliff thing was ridiculous in the beginning. no, no, but prefacing my answer to you. stuart: higher taxes of this magnitude on an economy that's already weak with 8% unemployment, you do that and now it's not-- >> no, no, no, i do not believe that raising the marginal tax rates to the clinton rates for the wealthiest among us-- >> i knew you were going to say that, you're comparing a totally different economy. what we have now is 8% unemployment. very sluggish growth and a trillion dollar deficit every year. you propose to raise taxes in that environment and you're not going to get growth. >> don't you understand you need to off set-- if you're serious about debt reduction, i think you are, don't you understand you need revenue and spending cuts. stuart: and how do you get revenues. >> how. >> please, go ahead, go ahead. stuart: it's easy you lower tax rates and keep incentive to work harder. >> we've tried that. stuart: and you can't-- what. >> george bush tried that. look at the deficit we had. stuart: well, wai
. >> i am not a fan, by the way, never have been, i thought the fiscal cliff thing was ridiculous in the beginning. no, no, but prefacing my answer to you. stuart: higher taxes of this magnitude on an economy that's already weak with 8% unemployment, you do that and now it's not-- >> no, no, no, i do not believe that raising the marginal tax rates to the clinton rates for the wealthiest among us-- >> i knew you were going to say that, you're comparing a totally different...
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Nov 29, 2012
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that formerly sacred and untouchable deduction is on the table for fiscal cliff talks. that costs the government $100 billion a year. you know they're looking at every rock for revenue. it would take buyers away from the house market and it could be devastating to the economy. we have lindsey piegza and dan mitchell, from the cato institute. welcome to you both. lindsey, let me start with you. we shouldn't be surprised everything is on the table here, right? >> sure. but this is a big potential problem. it would no doubt cause prices on homes to fall? liz: to rise? >> i'm sorry. liz: if you took the mortgage deduction it would cause prices to rise. >> we would see prices fall because the demand for homes would teeter. this is big decision whether deciding to rent or purchase. you remove that incentive people will drop out of the marketplace. all of sudden a lot of potential homebuyers would-be homebuyers drop out of the marketplace and cause decline in prices up to 10%. this could really undermine any momentum we've seen in the housing market as of late. liz: that is in
that formerly sacred and untouchable deduction is on the table for fiscal cliff talks. that costs the government $100 billion a year. you know they're looking at every rock for revenue. it would take buyers away from the house market and it could be devastating to the economy. we have lindsey piegza and dan mitchell, from the cato institute. welcome to you both. lindsey, let me start with you. we shouldn't be surprised everything is on the table here, right? >> sure. but this is a big...
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even if there is a fiscal cliff hit to the economy, they are in better shape to survive it. the bread and butter were the suvs, big cars. a lot of car enthusiasts and people like me love to look at expensive sports cars like the chevrolet camaros. they have switched to, what is selling well is very small cars like this 2013 chevrolet spark. you can see the price tag here, very recession, post recession conscious. $15,000 for this car. now, among the new products offered is an all-electric version of the spark. it will only be sold in california and oregon, initially. some of the innovations here, you will be able to charge this car in 20 minutes, up to 80% of its charge. gm not saying how far it will go on the charge, somewhere under 100 miles. this is definitely a commuter car. this is the mix the auto makers are going to. smaller cars is what's driving the industry right now. >> does it appear to be business as usual in terms of car buyers or how does the situation in washington affect this year's auto show? a lot of people don't know what their tax rates are going to be n
even if there is a fiscal cliff hit to the economy, they are in better shape to survive it. the bread and butter were the suvs, big cars. a lot of car enthusiasts and people like me love to look at expensive sports cars like the chevrolet camaros. they have switched to, what is selling well is very small cars like this 2013 chevrolet spark. you can see the price tag here, very recession, post recession conscious. $15,000 for this car. now, among the new products offered is an all-electric...
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. >> as washington continues to wrangle over the fiscal cliff, there's one on the chopping block that could have an impact on our economy. >> plus, new controversy in the middle east as israel celebrates construction plans and what it means for the stalled peace talks and security in the region. john walton weighs in. >> looking forward to talking to him. and new information recording the internet blackout, stay with us, folks, we'll be right back. rop? campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. gives you a low $18.50 monthly plan premium... and select generic hypertension drugs available for only a penny... so you can focus on what really matters. call humana at 1-800-808-4003. ♪ >> welcome back. got a developing story to talk to you about out of syria right now he where the country's internet service is reportedly back on following a two day nationwide blackout as syrian rebels make a strategic push for, control of an area leading to d
. >> as washington continues to wrangle over the fiscal cliff, there's one on the chopping block that could have an impact on our economy. >> plus, new controversy in the middle east as israel celebrates construction plans and what it means for the stalled peace talks and security in the region. john walton weighs in. >> looking forward to talking to him. and new information recording the internet blackout, stay with us, folks, we'll be right back. rop? campbell's has 24 new...
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Nov 30, 2012
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wall street initially fell after house speaker boehner said there'd been no progress on a fiscal cliff deal. but stocks rose later, on news that the economy grew at an annual rate of 2.7% in the third quarter. the dow jones industrial average gained more than 36 points to close well above 13,021. the nasdaq rose 20 points to close at 3,012. the united nations general assembly voted today to recognize palestine as a non- member observer state. the tally was 138 to nine, with 41 abstentions. the u.s. voted no. it came after palestinian president mahmoud abbas appealed to the world body to issue the birth certificate of palestine. >> we did not come here seeking to delegitimize a state established years ago, and that is israel. rather, we came to affirm the legitimacy of a state that must now achieve its independence, and this is palestine. >> sreenivasan: palestinians said the vote would strengthen their hand in future peace talks with israel. but the israeli ambassador to the u.n., ron prosor, warned that the palestinians are turning their backs on peace. >> for as long as president abb
wall street initially fell after house speaker boehner said there'd been no progress on a fiscal cliff deal. but stocks rose later, on news that the economy grew at an annual rate of 2.7% in the third quarter. the dow jones industrial average gained more than 36 points to close well above 13,021. the nasdaq rose 20 points to close at 3,012. the united nations general assembly voted today to recognize palestine as a non- member observer state. the tally was 138 to nine, with 41 abstentions. the...
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Dec 2, 2012
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especially with a pending fiscal cliff ahead of us you will see a lot of buyer's remorse around super saturday, the last saturday before christmas. retailers had $3.4 billion in returned fraud last year. so they definitely will be out. and keeping the return policies very strict and stringent this year. >> jamie: so if you get something you want; particularly, with the gift cards, which i understand will be stricter this year. can you maneuver us around the system? can we bend the rules a bit? is it negotiable? >> everything is negotiable. that is the number one rule. especially when it comes to returns, it's in the execution. so get to the store early. don't come at lunchtime. have your gift, whatever you want to return ready to go. you know, know the receipts. keep the tags on. when all else fails just, you know, pony up to the manager and tell them exactly what is going on and what you want. you will be surprised what you can get out of the simple negotiations. >> jamie: sometimes you get someone at the counter and they flat lisa nope. if the manager comes over, what is being kind
especially with a pending fiscal cliff ahead of us you will see a lot of buyer's remorse around super saturday, the last saturday before christmas. retailers had $3.4 billion in returned fraud last year. so they definitely will be out. and keeping the return policies very strict and stringent this year. >> jamie: so if you get something you want; particularly, with the gift cards, which i understand will be stricter this year. can you maneuver us around the system? can we bend the rules a...
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really bet the country by going over this fiscal cliff. >> crazy? betting the country? well, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place u
really bet the country by going over this fiscal cliff. >> crazy? betting the country? well, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a...
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and that's what fuels our economy. >> some of the people who argue that we should go off the fiscal cliff, that it will push them to negotiate a sort of more thoughtful deal -- >> right. >> -- they say that it's not a fiscal cliff, it's, you know, more of a slope. having said that, what is your thought on the psychological impact if we go off the cliff? >> it's huge. it's tremendous. it's absolutely tremendous because it will go across the board from regular americans who are going to see their taxes go up from $500 to $2,000 for middle-income household. this is going to affect their bottom line tremendously. that's groceries. that's saving money. that's their savings money for the year. but also what about mortgage interest? will that affect the housing market? there may be initial -- basically, it will go back down again, the housing market. or if it gets phased in, maybe we'll see a jump because people will rush in before the deduction completely goes away. but i think there's a lot of concern and a lot of panic among regular americans about will i lose these tax deductions? and what's
and that's what fuels our economy. >> some of the people who argue that we should go off the fiscal cliff, that it will push them to negotiate a sort of more thoughtful deal -- >> right. >> -- they say that it's not a fiscal cliff, it's, you know, more of a slope. having said that, what is your thought on the psychological impact if we go off the cliff? >> it's huge. it's tremendous. it's absolutely tremendous because it will go across the board from regular americans...
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Nov 29, 2012
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now, i'm not going to blame it all on the fiscal cliff. we have a slowing economy. we have slowing economies around the world. but i was at a dinner with a bunch of ceos in washington who are interested and care about this fiscal issue on monday night. and they were talking about we're not hiring. we're allowing attrition to happen. we're holding back on big spending. we want to see what happens here before we go forward. what's interesting about this is that the consumer seems to have a different view. the consumer -- for the consumer so far, this has sort of passed by. i wouldn't say blissful ignorance, but it has not affected their behavior. you had a fairly strong set of economic numbers this fall. the housing market seems to have finally turned up after a period of obviously deep decline. and so consumer confidence, which is one of our best proxies for this kind of thing, has been turning up and really does not yet -- the fiscal cliff does not yet seem to have penetrated their consciousness. for those of us who were in stores over the holiday weekend, stores ar
now, i'm not going to blame it all on the fiscal cliff. we have a slowing economy. we have slowing economies around the world. but i was at a dinner with a bunch of ceos in washington who are interested and care about this fiscal issue on monday night. and they were talking about we're not hiring. we're allowing attrition to happen. we're holding back on big spending. we want to see what happens here before we go forward. what's interesting about this is that the consumer seems to have a...
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economy headed for a recession with or without the fiscal cliff, he says we're already in one. listen to what the person of the cycle research institute told me today. >> the recession has started. we are a few months in to it. and i think if you wanted to argue against me, i would point to jobs, jobs are still growing but looking at the last seven recessions in three of them, jobs continued to grow in to the recession. >> his group bases this on four economic indicators. let me show you. industrial production, that's all the stuff, top left, all the stuff made in the u.s. personal income, you know what that is, sales and employment. look at those lines. based on official government data this year they show a drop off in three of the four indicators starting in july. only employment is steady. that's july. that means we're in a recession right now. may sound obvious to some of you or ridiculous to others but when it comes to determining recessions, few have a better track record than ecri. back in 2001, the group predicted a recession when the vast majority of economists said i
economy headed for a recession with or without the fiscal cliff, he says we're already in one. listen to what the person of the cycle research institute told me today. >> the recession has started. we are a few months in to it. and i think if you wanted to argue against me, i would point to jobs, jobs are still growing but looking at the last seven recessions in three of them, jobs continued to grow in to the recession. >> his group bases this on four economic indicators. let me...
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>> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not much time between election day and the end of the year. he thinks the white house has already wasted weeks because he does not think the proposal to avoid a fiscal cliff is serious one. negotiations here are nowhere. another republican, senator lindsey graham thinks he thinks things are heading down hill. >> i think we are going over the cliff. it's clear to me they made a political calculation. the offer doesn't deal with the entitlement reform to save the medicare and medicaid and social security from imminent bankruptcy. it raises $1.6 trillion on job creators to destroy the economy. no spending controls. >> repo
>> shannon: as the sparring continues over the fiscal cliff, neither boehner nor geithner can say for certain that the country will not go over the edge. i'm shannon bream. america's news headquarters live from the nation's capital starts right now. >> shannon: we want to get to the budget standoff. peter doocy joins us live. there is time to strike a deal but not a lot. >> reporter: that's right. the speaker of the house john boehner made a point today to say there is not...
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which is exactly what will happen if we go off the fiscal cliff. >> and he wants to solve this problem. i really believe if we solve this problem, the economy is going to take off. >> but solve it in a big way. don't you agree, governor? >> absolutely. >> we have to go big on this. >> we can't kick the can down the road. sorry we're taking the show over from you. >> i needed a breather, anyway, you're chairman of the fix the debt group. democrats at this point, do you think they are -- dealing seriously enough with entitlement reforms? >> i think some of them like senator durbin are, but there are a lot of people on left of our party, the progressive wing of the party, very progressive wing that haven't come to grips with what i said at the beginning and what susan echoed. that if we're going to ask the republicans to raise rates and raise, i think somewhere around $1.3 trillion in revenue, then we've got to give them something that their base cares about so they can do it. so they can actually make the deal and close the deal. i don't think we're aware of that yet. before all of us. >
which is exactly what will happen if we go off the fiscal cliff. >> and he wants to solve this problem. i really believe if we solve this problem, the economy is going to take off. >> but solve it in a big way. don't you agree, governor? >> absolutely. >> we have to go big on this. >> we can't kick the can down the road. sorry we're taking the show over from you. >> i needed a breather, anyway, you're chairman of the fix the debt group. democrats at this...
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Dec 7, 2012
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and the fiscal cliff. it's expected to get under way shortly, and we're bringing it to you live here on c-span2. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> good morning, all. good morning. i'm john fox sullivan, i'm publisher at large of atlantic media company, we publish the atlantic, national journal, government executive, a new product, quartz, and we want to welcome you to this special event this morning. and i want to welcome our c-span audience which is tuning in. um, this is the 15th allstate/national journal heartland poll that we're going to be discussing this morning. since april of 2009, allstate and national journal and the atlantic have partnered in surveying the public opinion of a little bit oriented towards the mitt middle class -- middle class, but public at large. this was initiated by our friend ed reilly and ron brownstein of national journal and post the economic crisis, we decided to see what the american public perceptio
and the fiscal cliff. it's expected to get under way shortly, and we're bringing it to you live here on c-span2. [inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] >> good morning, all. good morning. i'm john fox sullivan, i'm publisher at large of atlantic media company, we publish the atlantic, national journal, government executive, a new product, quartz, and we want to welcome you to this special event this morning. and i want to...
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the fiscal cliff is going to have a huge impact on the economy. in fact, a big european economic group this week dialed back its estimates for u.s. economic growth this year. and other economists are warning that things may not be so rosie, partly because of concerns about the cliff. now, businesses are already cutting back, even though corporate profits are up. and when you look at today's report, here's the interesting part, carol. government spending, federal government spending is a huge reason why the economy grew in q3. it rose 9.5%. but here's the thing. if you slash that government spending, if and when the fiscal cliff goes into effect, that can really eat into gdp and is part of the reason the congressional budget office has said if we do go over the cliff, the u.s. could go back into a recession. carol? >> alison kosik at the new york stock exchange. >>> well, someone is waking up this morning as a multimillionaire. winning tickets for the powerball's record-breaking $580 million jackpot were sold in arizona and missouri. last night's w
the fiscal cliff is going to have a huge impact on the economy. in fact, a big european economic group this week dialed back its estimates for u.s. economic growth this year. and other economists are warning that things may not be so rosie, partly because of concerns about the cliff. now, businesses are already cutting back, even though corporate profits are up. and when you look at today's report, here's the interesting part, carol. government spending, federal government spending is a huge...
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we just got to get over this fiscal cliff thing. >> jonathan capehart. >> i learned president morsi of egypt is fanatical about "planet of the apes." >> that is really all you need to know. jonathan, thank you so much. rana, steve, michael and everybody, thank you for watching today. if it's "way too early," it's "morning joe." chuck todd is next with "the daily rundown." >>> together again. mitt romney makes his way to the white house. it's not exactly the way he wanted to get there. but can something constructive come out of a private lunch between president obama and the man he defeated just three weeks ago? that's right. that was just three weeks ago. >>> also this morning, a deep dive into america's longest war. look into lessons learned and the sacrifices made by troops at one combat outpost. tell us about what's been accomplished and what's not in more than a decade of fighting. as the country wakes up obsessed with numbers and winners, for the lottery, that, we've got a very important update on the election night numbers that gave us a winner. they've been changing steadily as
we just got to get over this fiscal cliff thing. >> jonathan capehart. >> i learned president morsi of egypt is fanatical about "planet of the apes." >> that is really all you need to know. jonathan, thank you so much. rana, steve, michael and everybody, thank you for watching today. if it's "way too early," it's "morning joe." chuck todd is next with "the daily rundown." >>> together again. mitt romney makes his way to the...
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is the economy headed for that fiscal cliff? is all of this negotiating dead in the water? let's bring in our panel. monica crowley, radio talk show host and author of monomemo.com. jewelry roginsky former political advisor to senator frank lautenberg of new jersey. both fox news contributors. you say the president is not interested in compromise at all? >> no. i have just wrote a whole book about this called, what the bleep just happened. i traced first four years of his presidency. anytime he proposed a economic proposal or physical proposal it contained the exact same elements, which is tax hikes, more spending, not less, no entitlement reform and pushing up the debt limit as far and as fast as possible. this should come as no big surprise here. it is not a big mystery who this guy is. a pure leftist ideologue who will not compromise. jon: julie, he ran a platform saying let's raise the two top tax rates in this country. if he did that would raise $850 billion in revenue. he is asking for a trillion six. he is asking for twice what he campaigned on. >> first and foremost
is the economy headed for that fiscal cliff? is all of this negotiating dead in the water? let's bring in our panel. monica crowley, radio talk show host and author of monomemo.com. jewelry roginsky former political advisor to senator frank lautenberg of new jersey. both fox news contributors. you say the president is not interested in compromise at all? >> no. i have just wrote a whole book about this called, what the bleep just happened. i traced first four years of his presidency....
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that was a good solid meeting discussing the fiscal cliff. i think the shared concerns of governors that we address are fiscal challenges in a way that ensures the economy continues to grow and create jobs. with that, i'll take your questions. >> thanks, jay. two questions. in the bloomberg interview, the president was asked whether tax rates on the wealthiest americans have to go to the clean ton levels, 39.6% now. is that a red line? he never answered it directly, a process where rates could go down next year as far as tax reform. you talked with fiscal rates need to go up. what he campaigned on was the 39.6 at the end of the year. is that the case? >> so, let me say this, the president has been absolutely clear, as have i, that rates have to go up on top earners, on millionaires and billionaires, those making over $250,000. the president made that clear all yearlong and clear in the post-election period being engaged in conversations with congress about how to deal with the fiscal cliff, and our long term deficit challenges. we have yet to
that was a good solid meeting discussing the fiscal cliff. i think the shared concerns of governors that we address are fiscal challenges in a way that ensures the economy continues to grow and create jobs. with that, i'll take your questions. >> thanks, jay. two questions. in the bloomberg interview, the president was asked whether tax rates on the wealthiest americans have to go to the clean ton levels, 39.6% now. is that a red line? he never answered it directly, a process where rates...
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>> look, republicans are willing to make sure we don't go over this fiscal cliff, but at the same time don't harm this economy. what has to happen here, the president shows a little leadership, we're willing to sit in the room, we're willing to get this done. that's why you saw a proposal that's reasonable, that meets his criteria, that sets out -- martha: all right, well, let me ask you this then, congressman. in your proposal there are some changes to medicare in terms of increasing the age of eligibility. if the white house were to come back and say we would go along with some of those changes, which they in the past i should point out and as you well know have said that's not imoacial, if they were willing to do that, would you be willing to give them tax revenue which they seem to be, you know, committed to getting? it doesn't, the way they want it isn't in increased tax rate. is that a negotiation if those two things were to happen? >> understand what's transpiring here. the president said on the campaign trail he wanted 800 billion in revenue. we're providing him 800 billion in
>> look, republicans are willing to make sure we don't go over this fiscal cliff, but at the same time don't harm this economy. what has to happen here, the president shows a little leadership, we're willing to sit in the room, we're willing to get this done. that's why you saw a proposal that's reasonable, that meets his criteria, that sets out -- martha: all right, well, let me ask you this then, congressman. in your proposal there are some changes to medicare in terms of increasing the...
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he >> heather: lawmakers can reach a deal one month until the economy is set to go off the fiscal cliff. trading fire over looming tax hikes and spending cuts that threaten to plunge the economy into recession. affecting the lives of every single american. hello, everyone. i'm heather childers. welcome to another hour of america's headquarters. >> gregg: i'm gregg gregg jarrett. president obama is promoting his so-called balanced approach. republican leaders say the president's plan leaves the budget talks at a stand still. >> we've got some agreements about the high end tax cuts. republicans don't want to raise taxes on folks like me. i think i can pay a little bit more. >> they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. so right now we're almost nowhere. >> gregg: steve centanni has more. >> the two sides taking verbal pot shots, but not really coming to any kind of agreement adds the clock continues ticking. the president hit the road yesterday using a campaign style appearance in pennsylvani
he >> heather: lawmakers can reach a deal one month until the economy is set to go off the fiscal cliff. trading fire over looming tax hikes and spending cuts that threaten to plunge the economy into recession. affecting the lives of every single american. hello, everyone. i'm heather childers. welcome to another hour of america's headquarters. >> gregg: i'm gregg gregg jarrett. president obama is promoting his so-called balanced approach. republican leaders say the president's plan...